c*z
2 楼
【 以下文字转载自 Seattle 讨论区 】
发信人: chaoz (没钱也任性), 信区: Seattle
标 题: tax question on gift money from parents
发信站: BBS 未名空间站 (Fri Feb 12 12:48:48 2016, 美东)
Hi all
We received some gift money from my parents in law, to help with down
payment for mortgage.
My lawyer mentioned that there will be tax on it.
Did anyone have related experience on this?
Thanks a lot!
Best,
Chaoz
发信人: chaoz (没钱也任性), 信区: Seattle
标 题: tax question on gift money from parents
发信站: BBS 未名空间站 (Fri Feb 12 12:48:48 2016, 美东)
Hi all
We received some gift money from my parents in law, to help with down
payment for mortgage.
My lawyer mentioned that there will be tax on it.
Did anyone have related experience on this?
Thanks a lot!
Best,
Chaoz
c*7
3 楼
Your parents are responsible for the gift tax if they are US citizen/green
card holders.
card holders.
c*z
4 楼
Found this: https://www.irs.gov/Businesses/Gifts-from-Foreign-Person
Thanks so much!
Thanks so much!
c*z
5 楼
Baozi are sent, please let me know if you didn't receive one.
c*z
6 楼
I consulted a tax professional and the answer is negative, I don't need to
pay tax for gift. Thanks so much! :)
Below is my question and her answer:
Q:
I am a resident alien (H1B visa holder and lived in the US full year for the
past 12 years) and I received a gift money of $50K from my parents in law,
who live in China (foreign persons not filing US tax, that is).
I understand that under normal circumstances the gift giver pays the tax:
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-
Asked-Questions-on-Gift-Taxes#1
I also understand that under normal circumstances a US person only need to
report the gift (when it's above $100K) from foreign persons:
https://www.irs.gov/Businesses/Gifts-from-Foreign-Person
I also understand that under normal circumstances I file tax as US persons:
https://www.irs.gov/publications/p519/ch04.html#en_US_2015_publink1000222304
My question is: do I fall into the normal circumstances since I am a H1B
visa holder? In other words, do I need to pay tax for the gift money?
A:
Since you are considered a resident alien for tax purposes the same rule
that apply to US citizens apply to you as well. You don't need to report the
gift or pay any taxes.
Gifts are NEVER taxable to the receiver. Even if you get a gift over 100K
from a foreign person, it is reportable, but NOT taxable. There's a
difference between reporting requirements and taxable liability. There some
circumstances when you are required to report a income or money you have
like a gift over 100K from a foreign person or nontaxable social security
income or having bank account in foreign country with balance over 10K but
it doesn't mean that the income is included on your taxable income and taxed
.
pay tax for gift. Thanks so much! :)
Below is my question and her answer:
Q:
I am a resident alien (H1B visa holder and lived in the US full year for the
past 12 years) and I received a gift money of $50K from my parents in law,
who live in China (foreign persons not filing US tax, that is).
I understand that under normal circumstances the gift giver pays the tax:
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-
Asked-Questions-on-Gift-Taxes#1
I also understand that under normal circumstances a US person only need to
report the gift (when it's above $100K) from foreign persons:
https://www.irs.gov/Businesses/Gifts-from-Foreign-Person
I also understand that under normal circumstances I file tax as US persons:
https://www.irs.gov/publications/p519/ch04.html#en_US_2015_publink1000222304
My question is: do I fall into the normal circumstances since I am a H1B
visa holder? In other words, do I need to pay tax for the gift money?
A:
Since you are considered a resident alien for tax purposes the same rule
that apply to US citizens apply to you as well. You don't need to report the
gift or pay any taxes.
Gifts are NEVER taxable to the receiver. Even if you get a gift over 100K
from a foreign person, it is reportable, but NOT taxable. There's a
difference between reporting requirements and taxable liability. There some
circumstances when you are required to report a income or money you have
like a gift over 100K from a foreign person or nontaxable social security
income or having bank account in foreign country with balance over 10K but
it doesn't mean that the income is included on your taxable income and taxed
.
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